Money Manager Leaves Post

Ten-month search for new endowment CEO has not yielded a new leader

Jack R. Meyer, president and CEO of the Harvard Management Company (HMC), will leave his post today, ending his 15-year oversight of a University endowment that has seen record returns under his leadership—but no replacement is waiting in the wings.

Harvard has yet to name his successor, despite a search that is almost 10 months old.

While no permanent chief will be in place Monday, “transitional leadership” will direct HMC in the interim, Vice President for Finance Ann E. Berman—who herself will leave her post in the spring—wrote in an e-mail yesterday.

The University released few additional details on who will fill that interim role, promising more information in the coming days.

In addition, Berman said the board of directors at HMC will provide “more active oversight” in the firm’s stewardship of the University’s endowment, last reported at $22.6 billion.

Despite the importance the University has attached to the executive search, Berman suggested that the firm’s daily work will continue steadily without the presence of a permanent CEO.

“Most day-to-day decisions are normally made by the senior investment professionals of HMC,” Berman wrote.

And she remains confident that this senior staff will ensure a smooth transition to new leadership, she said.

“There are many senior professional staff who will remain at HMC and ensure knowledge transfer and stability,” Berman wrote.

Harvard has been searching for Meyer’s replacement since January, when he announced that he would leave HMC along with four of his top managers.

Meyer had originally planned to leave HMC on June 30—the end of fiscal year 2005—but agreed to stay on board for an additional three months.

Berman said Harvard hopes to install a new chief at HMC soon.

“We are hopeful about completing the search quickly, and then I suspect it will take a little time to get the person here, as it usually does when people have current job responsibilities,” Berman wrote.

Meanwhile, Meyer and his colleagues—Edward DeNoble, David Mittelman, Michael Pradko, and Maurice Samuels—will establish their own private investment firm.

Reflecting on his tenure in a May interview with The Crimson, Meyer referred to his time with HMC as “absolutely great.”

“This is a wonderful group of people and the results have been far better than I have ever dreamed,” he said.

—Staff writer Nicholas M. Ciarelli can be reached at ciarelli@fas.harvard.edu. —Staff writer Alexander H. Greeley can be reached at agreeley@fas.harvard.edu.